Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The SAIP provides for the granting of various stock awards to eligible employees of JLL. Such awards have historically been solely RSUs and generally have vested in three years. In 2018, we issued PSUs for the first time to certain employees, including our GEB members, under the SAIP. PSU awards generally vest in three years, subject to performance and, for certain awards, market conditions. The increase in stock-based compensation awards, specifically PSUs, reflects an enhanced focus towards increasing long-term compensation as a proportion of overall compensation for our senior leaders.

There were approximately 1.4 million shares available for grant under the SAIP as of December 31, 2019. We also have a stock-based compensation plan for our UK-based employees, the SAYE plan, that allows for the purchase of stock at a 15% discount from the market price at the beginning of the plan's vesting periods.

Stock-based compensation expense, excluding expense related to HFF retention awards issued in conjunction with the HFF acquisition, is included within Compensation and benefits expense on the Consolidated Statements of Comprehensive Income. The expense related to HFF retention awards issued in conjunction with the HFF acquisition is included within Restructuring and acquisition charges. Stock-based compensation expense by award type is presented below.



	Year Ended December 31,
($ in millions)	2019		2018	2017
Restricted stock unit awards	$	61.6	22.4	23.8
Performance stock unit awards	13.6		3.2	—
SAYE	1.2		1.3	1.4
Total	$	76.4	26.9	25.2

The increase in restricted stock unit award expense in 2019 was due to expense from the awards issued to HFF employees in conjunction with the HFF acquisition, primarily related to retention awards.

Restricted Stock Units and Performance Stock Units



	RSU Shares (in 000's)		PSU Shares (in 000's)		Total Shares (in 000's)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (in years)
Unvested as of December 31, 2016	750.9		—		750.9		$	113.97
Granted	188.4		—		188.4		119.08
Vested	(186.5	)	—		(186.5	)	99.23
Forfeited	(25.1	)	—		(25.1	)	117.07
Unvested as of December 31, 2017	727.7		—		727.7		118.96		1.24
Granted	176.6		100.6		277.2		156.13
Vested	(292.5	)	—		(292.5	)	125.01
Forfeited	(52.2	)	(7.5	)	(59.7	)	131.84
Unvested as of December 31, 2018	559.6		93.1		652.7		131.32		2.02
Granted	1,298.0		196.5		1,494.5		141.06
Vested	(287.7	)	—		(287.7	)	116.32
Forfeited	(37.6	)	(2.8	)	(40.4	)	137.49
Unvested as of December 31, 2019	1,532.3		286.8		1,819.1		$	141.51	2.39

During the year ended December 31, 2019, we granted 1,111.3 thousand shares of RSU awards to HFF employees in conjunction with the HFF acquisition. Of this total, 474.3 thousand shares represented grants to replace existing unvested HFF RSUs as of the acquisition date, while 637.0 thousand represented awards granted for retention of HFF employees.

As of December 31, 2019, we had $134.9 million of unamortized deferred compensation related to unvested RSUs and PSUs, which we anticipate to be recognized over varying periods into 2023; $84.0 million relates to the awards issued in conjunction with the HFF acquisition.

Shares vested during the years ended December 31, 2019, 2018 and 2017, had grant date fair values of $33.5 million, $43.3 million, and $18.5 million, respectively. Shares granted during the years ended December 31, 2019, 2018 and 2017 had grant date fair values of $210.8 million, $36.5 million and $22.4 million, respectively.

Other Stock-Based Compensation Programs

As previously discussed, we also maintain the SAYE plan for our UK-based employees. There were approximately 271 thousand shares available for grant under the SAYE plan as of December 31, 2019.

Options activity under the SAYE plan is presented in the following table.



	Year Ended December 31,
(options in thousands)	2019		2018		2017
Options granted	—		—		85
Exercise price - options granted	$	—	$	—	$	90.97

Options exercised	17		19		28
Weighted average exercise price	$	160.41	$	142.96	$	121.70

The fair values of options granted under the SAYE plan are amortized over their respective vesting periods. There were approximately 69 thousand, 97 thousand, and 133 thousand options outstanding under the SAYE plan as of December 31, 2019, 2018 and 2017, respectively.